Independent Oil and Gas founder steps down

Michael Jordan, one of the founders of Independent Oil and Gas, announced he would step down from the Board with immediate effect.

Jordan, a non-UK resident was leaving for personal reasons, the UK based Development & Production outfit said in a statement.

Indepedent Oil&Gas, which has interests in four UK North Sea licenses, said: "Whilst he will be missed it is an opportunity for IOG to appoint another independent non-executive director and the board is already in discussions with certain individuals with relevant oil and gas and AIM listed experience."

David Peattie, Chairman of IOG commented: "We would like to thank Mike for his significant contribution and we will especially miss his entrepreneurial skills. Nonetheless IOG is looking to improve all aspects of its business as we prepare to move forward with three operated development projects and this presents an opportunity to further strengthen the board. We will make further announcements as appropriate."

As of 1455 BST shares in the firm were higher by 1.75% to 29.0p.